Carvana (NYSE:CVNA) Receives “Neutral” Rating from Wedbush

Carvana (NYSE:CVNA)‘s stock had its “neutral” rating reaffirmed by equities research analysts at Wedbush in a research report issued to clients and investors on Wednesday, Benzinga reports. They presently have a $120.00 price objective on the stock. Wedbush’s price objective points to a potential downside of 5.67% from the company’s previous close.

CVNA has been the topic of a number of other reports. Jefferies Financial Group upgraded shares of Carvana from an “underperform” rating to a “hold” rating and upped their target price for the company from $30.00 to $85.00 in a report on Tuesday, March 12th. TD Cowen upped their target price on shares of Carvana from $58.00 to $70.00 and gave the company a “hold” rating in a report on Monday, April 29th. Royal Bank of Canada increased their price objective on shares of Carvana from $90.00 to $130.00 and gave the stock a “sector perform” rating in a report on Thursday, May 2nd. JMP Securities increased their price objective on shares of Carvana from $135.00 to $150.00 and gave the stock a “market outperform” rating in a report on Friday, June 7th. Finally, Evercore ISI increased their price objective on shares of Carvana from $111.00 to $118.00 and gave the stock an “in-line” rating in a report on Thursday, June 20th. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $87.29.

Carvana Stock Performance

CVNA traded down $1.37 during trading on Wednesday, hitting $127.21. The stock had a trading volume of 1,127,365 shares, compared to its average volume of 5,557,459. Carvana has a twelve month low of $21.15 and a twelve month high of $129.41. The firm has a market capitalization of $25.77 billion, a P/E ratio of 56.04 and a beta of 3.29. The company’s 50-day moving average price is $104.21 and its 200 day moving average price is $76.84.

Carvana (NYSE:CVNA) last posted its quarterly earnings results on Wednesday, May 1st. The company reported ($0.41) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.76) by $0.35. The company had revenue of $3.06 billion for the quarter, compared to analyst estimates of $2.72 billion. As a group, equities analysts expect that Carvana will post -0.75 earnings per share for the current fiscal year.

Insider Buying and Selling at Carvana

In other news, major shareholder Ernest C. Garcia II sold 60,000 shares of the firm’s stock in a transaction on Monday, June 24th. The stock was sold at an average price of $115.77, for a total transaction of $6,946,200.00. Following the transaction, the insider now directly owns 937,500 shares of the company’s stock, valued at $108,534,375. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Thomas Taira sold 25,000 shares of Carvana stock in a transaction dated Monday, June 24th. The stock was sold at an average price of $120.00, for a total value of $3,000,000.00. Following the transaction, the insider now owns 161,397 shares of the company’s stock, valued at approximately $19,367,640. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Ernest C. Garcia II sold 60,000 shares of the firm’s stock in a transaction dated Monday, June 24th. The stock was sold at an average price of $115.77, for a total value of $6,946,200.00. Following the sale, the insider now owns 937,500 shares of the company’s stock, valued at $108,534,375. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,726,829 shares of company stock worth $184,039,483. 17.18% of the stock is owned by insiders.

Institutional Investors Weigh In On Carvana

Institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its position in Carvana by 7.0% during the 4th quarter. Vanguard Group Inc. now owns 10,023,579 shares of the company’s stock worth $530,648,000 after acquiring an additional 655,603 shares during the period. Charles Schwab Investment Management Inc. boosted its position in Carvana by 6.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 831,879 shares of the company’s stock worth $44,040,000 after acquiring an additional 53,318 shares during the period. Blue Trust Inc. acquired a new stake in Carvana during the 4th quarter worth about $29,000. Rafferty Asset Management LLC boosted its position in Carvana by 38.6% during the 4th quarter. Rafferty Asset Management LLC now owns 43,792 shares of the company’s stock worth $2,318,000 after acquiring an additional 12,193 shares during the period. Finally, Investmentaktiengesellschaft Fuer Langfristige Investoren TGV boosted its position in Carvana by 17.6% during the 4th quarter. Investmentaktiengesellschaft Fuer Langfristige Investoren TGV now owns 500,000 shares of the company’s stock worth $26,470,000 after acquiring an additional 75,000 shares during the period. 56.71% of the stock is currently owned by institutional investors and hedge funds.

Carvana Company Profile

Carvana Co, together with its subsidiaries, operates an e-commerce platform for buying and selling used cars in the United States. Its platform allows customers to research and identify a vehicle; inspect it using company's 360-degree vehicle imaging technology; obtain financing and warranty coverage; purchase the vehicle; and schedule delivery or pick-up from their desktop or mobile devices.